Amylin Pharmaceuticals Inc (NSQ:AMLN - News), which spurned a $3.5 billion takeover bid from Bristol-Myers Squibb Co (NYS:BMY - News) and is fending off a lawsuit from activist investor Carl Icahn, started reaching out to potential buyers last week, sources familiar with the situation said on Sunday. Amylin, maker of diabetes drugs Byetta and Bydureon, has hired Credit Suisse (VTX:CSGN.VX - News) and Goldman Sachs (NYS:GS - News) as its financial advisers and Skadden Arps as its legal adviser, the sources said. Amylin and its advisers declined to comment.

Reuters Update: Analysts have speculated that Amylin could be attractive to AstraZeneca, given the two companies' shared interest in diabetes.

"I wouldn't comment on specific companies but we look at everything," AstraZeneca research head Martin Mackay said on Monday, when asked about U.S.-based Amylin in a telephone interview.